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Bulls failed to keep the prices rising on the first day of 2023 as most of the top 10 coins are in the red zone.
The rate of Bitcoin (BTC) has almost not changed since yesterday.
On the hourly chart, one should point out the local support level at $16,501. At the moment, the price is trying to fix above the resistance at $16,546.
If buyers can hold the gained initiative, the growth may continue to the $16,600 zone tomorrow.
On the bigger time frame, the situation is less positive as the price remains near the support level of $16,465. If growth does not happen soon, the next approach to the aforementioned mark may be a prerequisite for a breakout. In this case, there is a high possibility to see a test of the $16,200 area.
On the weekly time frame, the candle is about to close bearish. The price is far away from the key levels, however. Currently, the important zone is $16,000, a breakout of which may lead to a test of the support at $15,632.
Bitcoin is trading at $16,543 at press time.